- 4 hours ago
- #realityrealmus
#RealityRealmUS
Reality Realm US
🎞 Please subscribe to our official channel to watch the full movie for free, as soon as possible. ❤️Reality Insight Hub❤️
👉 Official Channel: https://www.dailymotion.com/TheVisionFrame
👉 THANK YOU ❤️❤️❤️❤️❤️
Category
🎥
Short filmTranscript
00:00MUSIC
00:04CHEERING AND APPLAUSE
00:08Thank you very much.
00:13CHEERING AND APPLAUSE
00:15Hello, it's wonderful to be back.
00:18Tonight, are you one of millions of people now likely due
00:21a typical £700 back for missold car, motorbike, van
00:26or camper van finance under the recently announced
00:29mass redress scheme?
00:31I'm going to take you through the practicals,
00:33including how to find out what you need to do
00:35to make sure you don't unfairly miss out,
00:38whether you've already complained or not.
00:40And I'm joined by the head of the financial regulator
00:43and we'll be putting your questions to him on this too.
00:47Plus, O2 is hiking its price hike.
00:53I think it is outrageous.
00:55It makes a mockery of Ofcom rules.
00:57I'm on the warpath, but crucially,
00:59if you're one of the 15 million-plus people impacted,
01:02you have a right to ditch, switch and save large.
01:05But only if you do it, well,
01:07right now or in the next couple of weeks.
01:09And in my news, you can use how to get money back
01:11on old energy bills, cheap wills,
01:13a free £100 Amazon voucher
01:15and 25% off Disney toys.
01:18Now ready to sprinkle our own little bit of magic dust
01:21by keeping me on time.
01:23Here's Jeanette Kwachi.
01:24Hi.
01:26Thank you, Martin.
01:28And hello to our wonderful studio audience.
01:30It's so nice to be back properly.
01:32We are on a full run of shows now,
01:34every single Tuesday,
01:35so we want to hear from you.
01:36To send us over any questions on X or on Threads,
01:39you can use the hashtag MartinLewis
01:41or you can email the team,
01:42MartinLewis at ITV.com.
01:44And if we don't use them tonight,
01:45we may use them in a future show.
01:47You've got some wallets.
01:48I think you should wave them.
01:49Wave your wallets.
01:50Wave your wallets.
01:51Lovely to have an audience in as well.
01:53OK, so Martin, before we get into our main topic,
01:55which is car finance mis-selling,
01:57this has come up so much this week.
02:00It's come in from Rohan.
02:01Have a look at this.
02:02I am one of many millions of customers
02:04being affected by O2's blatant breaking
02:06of the fair play rules.
02:08What is Ofcom doing about it?
02:10Well, not much yet,
02:11but I am working on it as much of my abilities
02:14as I possibly have.
02:15I was going to do some news you can use.
02:16Can we bring that graphic forward?
02:18OK, OK, great.
02:19So let's have that graphic and pop that up.
02:21That was quick. Well done.
02:22OK, so let me explain to everybody what's going on.
02:24O2 is hiking its price hike.
02:27But you can leave.
02:29That's the most important thing to understand.
02:30So O2 is contacting its mobile contract customers
02:33about a rough 40% hike in the hike
02:36that it was already planning to do.
02:38Now, the key reason,
02:39the reason I'm so frustrated by this,
02:41is in January we were told by the Ofcom,
02:43the regulator,
02:44all mobile broadband and pay TV firms
02:46have to give rises in future
02:49before you sign up in pounds and pence.
02:51So let's say you're going to pay 10 pounds now,
02:53then next April it's going up to 12 pounds,
02:55and the April after,
02:56within the contract period,
02:57it's going up to 14 pounds.
02:58So you know exactly what you pay,
03:00and that was to give you transparency and certainty.
03:02But O2 is effectively thumbing its nose at that,
03:05because it had told customers
03:06that it would rise by £1.80 a month
03:08this April and next.
03:10Now it's telling them it'll be £2.50,
03:12which is 40% more.
03:14In my view,
03:15this makes a mockery of Ofcom's rules,
03:18which need changing.
03:19It risks other firms copying it,
03:21because once one firm's broken the taboo,
03:23there won't be as much publicity
03:25if another firm does it.
03:26And it's inflationary if they all do this,
03:28which could cost us all more through taxation.
03:30So, I mean, just think about this.
03:32The actual rise that this is on your airtime plan
03:37is between 7% and 30% year on year.
03:41Now that's way more than on the old system
03:43where you had inflation-linked price hikes.
03:45I have written formally to the Chancellor on this.
03:47I spoke to the Secretary of State in charge,
03:50Liz Kendall, the other day,
03:51who I'm pleased to tell you was up in arms about it as well.
03:53She has written to Ofcom, the regulator,
03:55to say what on earth are you doing about this?
03:57How are we going to close this loophole
03:59that effectively allows them to do it?
04:01My view? Simple.
04:03Ban above inflation price hikes.
04:06Within a contract, you shouldn't be allowed to do it.
04:09And I've given some short-term suggestions
04:11in the middle of that as well.
04:13But the most important thing O2 customers
04:15who've got this need to understand,
04:17as it's hiking prices by more than it told you,
04:20you have a right to leave penalty-free
04:24within 30 days of notification.
04:26That's leaving your airtime contract.
04:28So even though the rise is next April,
04:30that's not when you can leave.
04:32It's notifying people now,
04:34so you may have already had it.
04:36If you haven't, you need to be ready.
04:38As for what you do, well, consider leaving.
04:42Many of you can slash costs if you do.
04:44But more important, let me be honest, when...
04:46You know what?
04:47I'm sitting here for a reason.
04:48Let's bring the soapbox out.
04:54When companies behave like this
04:56and increase our costs in a way no-one should have
04:58or could have expected,
05:00the way that we need to deal them
05:02is we need to give them a corporate bloody nose
05:04and increase their costs by them losing customers
05:06and brand and reputation
05:08to prevent them doing it again
05:10and to prevent all the other mobile
05:12and broadband
05:13and pay TV customers doing it.
05:15So don't just leave for yourself.
05:17Leave for everyone else too.
05:19Yes!
05:20So...
05:22You're...
05:23I'm out of breath looking now.
05:25Your options.
05:26Just get onto a comparison site,
05:27find your cheapest SIM.
05:28The cheapest deals are on comparison sites
05:30because that's where the churners go
05:31and they get better deals there.
05:33I mean, there's currently a 35 gig a month SIM available
05:36for under £3 a month.
05:39I mean, many people will be paying five times that.
05:42If you like your O2 signal
05:43because that's the only one you can get in your house,
05:45well...
05:48Well, there are lots of networks
05:50that pay O2 to piggyback on its signal
05:52so you get the same signal on their networks.
05:54You've got Sky.
05:55It's got a £10 gig a month deal at £6 a month.
05:57You've got GIFGAD.
05:58Unlimited data, £15 a month.
06:00You've got Tesco.
06:01If you want to stick with O2,
06:02maybe you like its priority moment scheme.
06:04Maybe you've got a watch that's linked to it or something.
06:06Well, benchmarks the cost elsewhere
06:08and haggle.
06:09Politely ask it.
06:10It's not the call centre people's fault.
06:12To match.
06:13Now, this normally works at the end of your contract.
06:15You're not at the end of your contract,
06:16but it's the same
06:17because you're allowed to leave penalty free.
06:19So, I suspect it will work now,
06:21but these are new circumstances
06:22and I don't definitely know.
06:23I know some of you have handset plans
06:25as well as airtime plans.
06:27So, you're paying off the handset
06:28as well as paying off the tariff,
06:29the monthly airtime plan.
06:31If you're doing that,
06:33well, you can choose to keep paying the handset with O2.
06:36You don't have to pay it off in full by the month
06:38and you can move your airtime, your SIM elsewhere.
06:41I need water and a deep breath.
06:42You need a break.
06:43Right.
06:44I want to start to the show, but Julie has been in touch.
06:45She's saying,
06:46well done, Martin.
06:47It's a disgrace from O2.
06:48I've been with them for over 20 years
06:50and I won't be when my contract is up.
06:52Hold on, hold on.
06:53I love the compliment.
06:54You don't have to wait till your contract is up.
06:57You can leave after they...
06:59You want to leave.
07:00You can leave as soon as they notify you.
07:02You don't need to sit and wait.
07:03OK, we have to, though, legally.
07:04We have some right of replies.
07:05Yeah, I'll get water while you do that one.
07:06The first one, it does come from Ofcom.
07:08Sorry to spoil the fun.
07:09Ofcom is saying,
07:10earlier this year, we banned price rises linked to inflation
07:14and instead required providers to tell customers up front
07:18in pounds and pence about any increases in their contract.
07:21We're disappointed by O2's decision
07:23as it goes against the spirit of our...
07:25So do something about it!
07:27OK, that's for Ofcom.
07:28O2 have been in touch as well.
07:30Their right of reply, as acknowledged by Ofcom
07:32in its letter to providers last week,
07:34its rules do not prevent companies from increasing
07:36annual price changes.
07:37We appreciate that price changes are never welcome,
07:40but we have been fully transparent with our customers
07:42about this change, writing directly to them
07:45and providing the right to exit without penalty
07:47if they wish.
07:48You know, the thing about this,
07:49a company's job is to make money for its shareholders.
07:51It's our regulators and politicians' job to protect us.
07:54If a company's going against the spirit of the law,
07:57it's probably doing it to make more money.
07:59That means the rules are not tight enough.
08:01That's the problem.
08:02The rules need changing.
08:03I have made suggestions on how they should be changed.
08:05There are other ways too.
08:06That's what needs to happen.
08:07I won't be letting go of this one.
08:09Yeah, please let us know.
08:10APPLAUSE
08:11OK.
08:12Please do let us know your thoughts on this.
08:15Use the hashtag MartinLiz.
08:16We may come back to it later on in the show.
08:18But let's move on to our main topic for tonight,
08:20car finance mis-selling.
08:21We've got a question from Lucy in the studio.
08:23Good evening, Lucy.
08:24Hello.
08:25Hi, Martin.
08:26My question for you is, do you think that refunds for mis-sold car finance should be automatic or instead of people claiming individually?
08:37I actually think for the first time we are as close to an automatic form of payout as we are ever going to get.
08:44It could have been a little bit further, but then everything would have taken a little bit longer, and I'm going to explain that process.
08:49Technically, if you were mis-sold and you don't complain, in many circumstances you will still get your money back without doing anything.
08:56As you're going to hear, I'm going to suggest that you do complain because it will speed things up and give you more certainty.
09:01But actually, I'm going to come back to you on this one as I explain it.
09:04Let me go through now into my big briefing.
09:09OK.
09:10What I really want to start with is that there are two ways to reclaim mis-sold car finance.
09:17There's the new regulator's FCA mass redress scheme, and there's taking them to court, taking the finance company to court.
09:24So let's start with this one.
09:26Now, it's predicted £8 billion will be paid out to 40 million agreements, not people.
09:31So each individual car finance agreement, averaging £700 each.
09:35The consultation launched a few weeks ago, and barring legal challenges, and there could be legal challenges,
09:41I think it is unlikely to change very much.
09:44This is the regulator setting out its plans of what it wants to do.
09:47And within that, it has expanded its definition of mis-selling more than there were before on the back of some court rulings.
09:54There are now three main types.
09:56What it has said publicly is it's likely to launch in early 2026.
09:59My guess is February or March, but why am I guessing?
10:01I've got the boss of the regulator here.
10:03When do you think it's likely to launch?
10:05That's about right.
10:06We want to get up and running in early 2026 and get this sorted out.
10:09And when is early 2026?
10:11You've got it about right.
10:12February or March.
10:13So, February or March, that's when we're hoping for it to happen.
10:15The alternative route is you go to court.
10:18There, if you win, if you win, you may be awarded more, both in the settlement and probably more so in the interest that you would get for the number of years that they go backwards.
10:28We'll be talking more about that later.
10:30You will normally need help to do that, though, which you don't under this mastery dress scheme.
10:35And that means paying 30% plus to a lawyer or claims firm.
10:39Once you take that off, whether you'd actually get more or not is more of a question.
10:42And it's a debate and I'm not going to get into it because we just don't know.
10:45So, in summary, this one is easy.
10:47This one you can do yourself.
10:49This has mass reach.
10:51Many don't need to do anything in order to get it, but you may get less.
10:55This one, you possibly get more if you win.
10:59You may also get less.
11:00But it's difficult to do without help.
11:02It's less certain and you need to act.
11:04Now, I need to be playing both here and elsewhere, which I'm not allowed to say.
11:09Both here and elsewhere, I am focusing on and resourcing the FCA route.
11:13Because, partly because of my experience of bank charges and PPI and what people went through,
11:17but because most people are saying, can't they just make it quick and easy and just repay?
11:21And a 30% difference after the fees you paid might not be that great.
11:26Most importantly, though, this is a mass redress scheme.
11:29That's why I'm supporting it.
11:31Those vulnerable people out there who would never put in a complaint any other way,
11:35under this scheme, have a pretty decent chance of getting their money paid back.
11:40So, even though there are some things that I don't think are perfect,
11:43and we'll be talking about those later, I'm going to be supporting that.
11:47That doesn't mean you can't choose the more militant route and go to court.
11:51That is totally your call.
11:52And then you will need help, but you don't need help on this one.
11:55It's your decision, but this is the one.
11:57From this point on, everything I'm talking about
11:59relates only to the FCA redress scheme, not to going to court.
12:03Very quick question that's come in from Carolyn on this.
12:06My husband passed away December 2023.
12:08I'm so sorry.
12:09He had car finance a couple of times, one of which I paid off just after his death.
12:13Am I able to make a claim as his widow as I'm the executor to his will?
12:16Yeah, the executor to a will or the primary beneficiary could complain
12:19you'll need proof of a death certificate and proof,
12:21but absolutely you are entitled to the money.
12:23Let's get on with that now, actually.
12:25Now, what are the who will get this, who's likely to get this criteria?
12:31So, this is motor vehicle finance, car van, motorbike and camper van,
12:34not a caravan because it doesn't have a motor.
12:37Even though similar types of finance are used.
12:40Eligible dates. Finance started 6 April 2007.
12:43The last time, this is when, both of these are when you got the policy,
12:47not how long it was existing for, until November 2024.
12:50It used to be earlier because the only form of mis-selling was DCAs.
12:54We'll come on to an explainer of that later,
12:55but now there are new mis-selling types, it goes on later.
12:58It applies to personal contract purchases, PCP deals,
13:01and higher purchases AP, not if you leased.
13:05It's generally for personal use, but if you're a sole trader or a small partnership,
13:10and then, and only then, specifically under £25,000 of finance,
13:14it may work, you may count even if it was for work purposes.
13:17We've already mentioned if the owner passed away, that you can do that.
13:20It applies even if you've paid the vehicle off.
13:24Even if you've now sold the vehicle, and it was years ago,
13:27this is about the finance you have, not the vehicle itself.
13:30If you were mis-sold, you were mis-sold, even if you no longer have the finance itself.
13:34And if you're eligible for multiple car finance deals,
13:37you treat each separately, so you may well be due multiple payouts.
13:40Make sense?
13:42OK, good.
13:44We've got another quick one from Sara that's come in.
13:46My husband had car finance back in 2007, but the company went into administration.
13:51What happens now? Can we claim? If so, who do we claim through?
13:55Well, assuming you mean proper administration, so the company went insolvent,
13:59you cannot claim. It is not part of the redress scheme. You can't do it.
14:03If another company bought the liabilities of that company,
14:08then the company that bought the liabilities may be liable for the car finance mis-selling.
14:13But the way you phrased it, I suspect it's a case of swear a bit, stamp your feet, get on with your life.
14:19Oh, that's a shame.
14:20Um, Martin, it's time for your view.
14:22Yeah?
14:25Oh, what's the question tonight?
14:26I'm sticking purely on topic.
14:28Are you eligible to put in a complaint for motor finance mis-selling?
14:31There you go, that list.
14:32If you are, have you put in a complaint already?
14:35And how did you do it yourself? Did you use a claim firm?
14:37The poll is live on X now.
14:39And also, I'd love to know why you have or haven't complained,
14:43why you used a claim firm or you didn't.
14:45So, give us your comments using hashtag Martin Lewis.
14:48Awesome. Thank you very much.
14:50Now, after the break, we move on to the big questions.
14:52What mis-selling actually is?
14:54And what you should do now, whether you've already complained or not.
14:57We'll see you in four.
15:12Welcome back.
15:13OK, we're talking car finance mis-selling.
15:16What's happening, Jeanette? Where are we?
15:17Very busy online, but for now, let's continue on tonight's main topic
15:20of car finance mis-selling.
15:22Bit of confusion, so I'm going to send this question to you,
15:24your way, from Nat.
15:25Has it been extended to finance up until November 2024?
15:29You previously stated December 2021.
15:32So, it would be helpful if you could please clarify.
15:34Yeah, I touched on this in the first part,
15:36but I think this will make it easier.
15:37Let's move on.
15:38So, there are now three different types of ways
15:42you could have been mis-sold.
15:44And that's where the date change comes from.
15:47Now, with all of them, the key is that they weren't fully disclosed to you.
15:53You have to understand this.
15:55So, there is no way for you to know now whether you were mis-sold without complaining.
16:04These mis-sellings were not disclosed.
16:06They weren't in your contract.
16:07They weren't properly disclosed.
16:08You were mis-sold if you didn't know these things
16:10and couldn't have known these things existed.
16:12The whole point is they didn't tell you what you were doing.
16:16So, if you're sitting there going,
16:17I don't know if that's me.
16:18You can't know if it's you without complaining.
16:21Remember that.
16:22But I'll talk you through the three main things that happened.
16:24The first is discretionary commission arrangements.
16:26This is the ones I've always talked about before.
16:2811.4 million agreements.
16:30This is where your interest rate was increased to pay the dealer or broker extra commission.
16:37And you were not told that.
16:39Now, if you've already put in a DIY complaint, it was likely about this.
16:42You put in a DCA complaint.
16:44Remember DCA.
16:45I'm going to use it a lot.
16:46DCAs were banned on the 28th of January 2021.
16:49So, that is what Nat is asking about.
16:51So, DCAs is only for agreements before that.
16:54But the new forms of mis-selling, you can go up to November 2024.
16:59That is why the dates change, because there are different types.
17:02So, the first is contractual tries.
17:043.2 million agreements.
17:05This is where the broker was working exclusively with one lender
17:08or one lender had a right of first refusal.
17:11Let me just give you the way it worked.
17:13We're going to take your finance to our panel of lenders
17:16to find you the best deal, is what they said.
17:18What they did behind the scenes is they went to one lender, said,
17:21do you want to give this person a deal?
17:22Yes, we do.
17:23And they gave you that deal.
17:24They didn't take it to a panel.
17:25Contractual ties.
17:26That's just an example.
17:27There are other ways, too.
17:28The third one, unfairly high commissions.
17:32Nearly 3 million here.
17:33This is where both over 35% of the total cost of credit,
17:38so the interest and any fees, paid commission,
17:41and over 10% of the loan amount paid commission.
17:45If that was the case and it wasn't, disclose,
17:47you were missold even if you didn't have either of the other two.
17:50And then there's a very rare case,
17:51it's only about 10,000 or 15,000 agreements,
17:53where it's called very or extremely high commission,
17:56over 50% of the cost of credit and over 22.5% of the loan.
17:59In that case only, you get a bigger payout
18:03because you're following the court's guidance on that.
18:05All the rest have the same payout mechanism.
18:07OK. Look at this from Greg.
18:09He's been in touch.
18:10He's asking, with the bridge risk scheme
18:12covering three separate categories,
18:14is it possible that some agreements may fall under more than one category?
18:18And if so, what effect will that have on compensation?
18:21Clever question. You're going to be disappointed.
18:23Right. OK.
18:25So, I said there are 14 million agreements.
18:28If you add that up, you're going to get to nearly 18 million.
18:30That's because there is overlap.
18:32So, yes, absolutely.
18:34In some cases, Greg, there will be more than one case.
18:36But, you get the same amount,
18:39regardless of whether you're missold in one way,
18:41or in two ways, or in three ways,
18:42with the only exception of the very high commission situation at the bottom.
18:47So, even if you're missold contractual ties
18:49and discretionary commission arrangement,
18:51you get the same amount.
18:52The calculation is done the same way.
18:53OK. Right. So many questions.
18:55Linda. Linda's asking,
18:57do I need to apply for car finance misselling,
19:00or will the finance company automatically get in touch?
19:02Well, that's sort of what you asked me before, isn't it?
19:04Yeah. So, let's get into this, the what do you do bit now.
19:08This is the really important stuff.
19:10OK.
19:11So, if you're eligible under my checklist,
19:14and you have not yet complained,
19:16you do not need to do anything,
19:20but I suggest you do do something.
19:23So, if you don't do anything,
19:24firms must identify and contact all people they can
19:26who were missold, even those who haven't complained.
19:28So, it's an automatic system.
19:30Then it will have to ask you,
19:31do you want to opt in?
19:32So, you get a letter or a communication saying,
19:34do you want to opt in?
19:35And then your complaint will be there,
19:36and then it will later tell you how much you're getting.
19:38The risk here is older agreements, they don't track.
19:40You've moved house, they don't have your contact details.
19:42Same if you got married or you've changed your name.
19:45Many may miss out in those circumstances.
19:48The timeline is also longer.
19:50Here, six months after the scheme starts to be notified,
19:53and a maximum 17 months to get notification of the redress amount
19:56and be paid out.
19:57My view, you're best to do a complaint yourself,
20:02a DIY complaint, to the finance firm now
20:04to make things easier and faster.
20:06Then you know they've got the correct information
20:08and you go into an opt-out system.
20:11That means if you are missold,
20:13it will then contact you and say,
20:15we are going to pay you unless you tell us you don't...
20:18So this is your automatic system, and let although you have complained.
20:21Unless you tell us you don't want to be paid,
20:23although it might also say, by the way, how do you want to be paid?
20:24But we can all cope with that, can't we?
20:26Timeline here, three months to be notified, not six.
20:29Nine months to be paid out.
20:31So that should happen this year, shouldn't it?
20:32Yeah.
20:33Next year, 2026, and not 17 months.
20:35Now, that's my view.
20:37I'd put a complaint in.
20:39Let's ask the regulators boss here.
20:40Would you put a complaint in in those circumstances?
20:42If you're concerned, you should, yes.
20:44Simple as that.
20:45Get your complaint...
20:46Contact your lender, let them know, and you'll get paid faster next year.
20:49But we're talking DIY complaints only, not using a claims firm.
20:52You do not need to use a claims management company or a law firm.
20:54Our scheme will be free.
20:55OK, so let me move on to help if you're going to put in a DIY complaint.
20:59No need for a claims firm.
21:00What does your complaint do?
21:02First of all, it asks, cos you don't know,
21:05was I missold in any of those three ways?
21:07And then, if so, please count this and log this as a complaint,
21:11and then I'll be in the opt-out.
21:13We want to be opt-out, so it happens automatically.
21:16Now, my online tool will draft a free template letter or email for you.
21:213.3 million people have used it so far.
21:23The regulator also has information on its website and a skeleton letter,
21:28and there are some lenders who have complaints forms.
21:30This is easy to do yourself.
21:32This is what the whole system...
21:34That's why it's called mass redress.
21:35You don't need to pay anyone to do it,
21:37but there are easy tools out there that will help you.
21:40There are a bag of questions. Are you ready?
21:42Are we good so far? Are you following me?
21:43Yeah?
21:44Good, thank you.
21:45Are you ready?
21:46Daz is up first. Daz has tweeted,
21:47I already have a letter from last year from my lender saying,
21:50I had a DCA in my car finance with them.
21:52Do I need to do anything else?
21:54No.
21:55You have complained, and your complaint is specifically in this category.
22:01You are in the opt-out camp.
22:03Unless you wanted to go to court,
22:04which is the only reason I can think of for opting out,
22:06it's all going to happen smoothly, automatically.
22:08Well done. Good to be you, Daz.
22:10OK. Kevin emailed.
22:12Kevin's saying, I have had car finance,
22:14and they have told me I'm not entitled to any compensation.
22:17Is that the end of it, or can I do anything else?
22:19Almost certainly, you probably wrote that under the old DCA-only complaint system,
22:24and we're told you didn't have a discretionary commission arrangement.
22:27They now, under the regulator regulations,
22:30they have to look at the other two forms of mis-selling.
22:34But if they do, under those things,
22:36you'd be in the opt-in category, wouldn't you?
22:39That's right.
22:40So, lenders have to look at the complaints they've rejected,
22:42if they need to be included in our scheme when it's up and running,
22:45and then they'll need to contact Kevin again.
22:48But opt-in?
22:49And he will have the chance to opt-in, yes.
22:51I would say he would be better being in the opt-out scheme.
22:54So, if I were you, Kevin, I'd put in another complaint
22:57asking about the three system, then you can be in the opt-out.
23:00You don't object to that, do you?
23:02No, he can always raise his concerns any time with his lender.
23:05Yeah. So, my suggestion, do an opt-in.
23:07Do another complaint now so you're in the opt-out group.
23:10OK, Kevin, thanks for that question.
23:11But it doesn't matter if you don't, but it's just quicker and easier.
23:13OK, now, Sean has been in touch.
23:15This has been such a popular question.
23:18I signed up to a claims firm last year
23:20when I thought it would require a legal team.
23:22Now that it looks like there'll be an automatic payout,
23:24is there any way to get out of the agreement
23:27to avoid the claims firm taking a cut?
23:29This is where it gets sticky.
23:31So, if they've done it right, you will have been told
23:34there will be a cancellation fee.
23:36The cancellation fee should be for the work that they've done.
23:38They typically could charge 60, 70, 80, 90, 100 pounds an hour.
23:40They might have done two, three hours' work,
23:42and they could charge you for that,
23:44but they might not wait until you get your payout.
23:46If you cancel, they might ask for the money up front
23:48even before you've been paid out, which gets tricky for people.
23:50Now, you regulate some claims firms,
23:54and the Solicitors Regulation Authority regulates others.
23:57What's going on here? What do people do?
23:59Like you said, Martin, you do not need to use
24:01a claims management company or a law firm.
24:03Our scheme will be free to use.
24:05We've been really concerned by some of what we've seen,
24:07because we've seen some of these firms misuse personal data,
24:10not give clear information when they've signed people up,
24:13or have some misleading promotions.
24:15So, if you are concerned at all that you have been misled
24:18or not treated fairly, you should complain to the CMC or law firm,
24:21and they should put it right.
24:22And if you're not happy with that,
24:24you can complain to the claims management ombudsman
24:26or the legal ombudsman.
24:27So, the claims management ombudsman is yours,
24:29that's financial ombudsman.
24:30Legal ombudsman is if they're regulated
24:31by the Solicitors Regulation Authority,
24:33and it should say which one they are.
24:34That's right.
24:35Now, we're also, having written to all of these firms,
24:38we've been asking them what their exit fee arrangements are.
24:41We're looking at that, and you're right,
24:43if you've been signed up fairly and you'd like to exit,
24:46they can charge you a reasonable fee,
24:48and we're looking at what should be reasonable.
24:50You'll always have a chance to complain to an ombudsman
24:53if you feel that you're being charged something unreasonably.
24:55Yeah, but this reasonable...
24:56We need to know what reasonable is.
24:58I don't know what reasonable is.
25:00Do you know what reasonable is?
25:02We are studying that,
25:03so in a few weeks we'll say some more.
25:05OK, so this is...
25:06Look, if you're in that situation,
25:08what I'm interpreting from what Nikhil is telling me is,
25:10hold on for now, he's going to say more,
25:13I'm going to read what he said
25:14and put interpretations out of what you should be doing
25:16on the back of it.
25:17But we want to be careful that you don't have to pay more now
25:20than you would if you won.
25:21I mean, that shouldn't happen ever, should it?
25:23Absolutely not.
25:24I mean, I think that the claims management companies
25:27should only be charging you a fair amount
25:30for the work that they're doing.
25:31What's this space, I think, is the answer on that one.
25:34Look, this has been quite quick moving
25:35since the Supreme Court case, so fair enough,
25:37and I'm going to be doing more work on that one
25:39and we'll bring it to you back here as well.
25:40OK, Martin, Nikhil, thank you.
25:41Coming up, how much will you get paid?
25:44And Martin puts your car finance mis-selling questions
25:46directly to the Chief Executive of the FCA, Nikhil Rati.
25:50We'll see you soon.
26:04We're back, we're talking car finance mis-selling,
26:06but lots more to come, including how to get money back
26:08from your old energy bill and a free £100 of Amazon vouchers.
26:12Jeanette, what's coming in?
26:13Lots coming in on O2.
26:15We're going to get to that in the final part of the show,
26:17but I want to show you this one.
26:19It's coming from Grant.
26:20He said, finally, I'm so glad Martin Lewis is back.
26:23OK, you're back.
26:24You're back.
26:25And even the name, even the name Grant is perfectly suitable.
26:29So there we are.
26:30He's not alone, he's a Grant.
26:32Oh, dear.
26:34Right, so Charlotte has been in touch.
26:36Charlotte's saying, following the update on car finance,
26:39is it £700 per customer or £700 per agreement?
26:43Neither.
26:44Ah.
26:45It's per agreement, so if you have multiple agreements,
26:48you could have multiple payouts, but £700 is an average figure.
26:52Could be more, could be less.
26:54Let me move on.
26:55That's where I'm going next.
26:56It's almost as if we planned that.
26:57So, how much could you get back?
26:59Well, look, the regulator's estimating most will get two-thirds or more
27:02of the commission that they paid back.
27:04The calculation is the same, however you were missold,
27:07with the exception of very high commission that I'm not including here
27:09because it's of only a few cases.
27:11I'm going to explain it now.
27:13Take a deep breath.
27:14Most of you won't understand this.
27:16It doesn't matter.
27:17You can switch off for the next...
27:18Not actually switch off.
27:19You can switch your brain off for the next 20 seconds.
27:21But just for form's sake, I'm going to explain it.
27:24It's called a hybrid remedy.
27:26So, what they do is they take the reduction,
27:30if your APR was 17% lower, deemed the typical market distortion,
27:35so that's effectively the excess you paid due to mis-selling,
27:38and then they also take the commission you paid,
27:41so they take both of those, they add them together and halve them
27:44to give you the average between.
27:45It's called a hybrid remedy, and that's how much you'll be paid.
27:48Now, there are loads of variables.
27:50The size of the APR, the level of the commission,
27:53exactly how it works.
27:54There are a lot of variables going to this,
27:57but so many people ask me, how much am I going to get?
27:59I've come up with a guesstimator.
28:00Actually, the wonderful Rosie, who works for me,
28:02has come up and cheated the numbers on this.
28:04This is not right.
28:05This is not right.
28:06This is just scales of magnitude to give you an idea.
28:08So, let's take one.
28:09We'll do a hold lock on the screen,
28:11so you can have a look at roughly your situation.
28:12Imagine you had £10,000 finance, and it was for five years.
28:17Well, if you're a DCA case, you'd probably get £670 back,
28:21plus interest we'll talk about in a moment.
28:23If you're a non-DCA case, it would be £560 you'd get back.
28:27Why the difference?
28:28Not because of the calculation, but because DCA cases,
28:31where the interest rate was pushed up, tend to have a higher interest rate.
28:34That's the only reason it's different,
28:35not because you're actually getting different redress that's coming on the back.
28:38Plus, on whatever you get paid out, you would get interest added at base rate plus 1%,
28:44not compounded.
28:45So, simple not compound interest.
28:47Don't like that.
28:48For each year.
28:49You can also argue for more if you had extra costs due to mis-selling.
28:52So, for example, you got into other debt.
28:53Now, I have to be honest.
28:55This is where there is potentially a real difference between what you'd get going to court
28:59and what you would get yourself.
29:01In the court, when it awarded in the Supreme Court case,
29:04it set a commercial rate of interest.
29:06I believe you've set this rate too low.
29:08I'm submitting in your consultation that you've set this rate too low.
29:11At the minimum, it should be compounded.
29:13Why have you set it so low?
29:15We think it's a fair rate.
29:16Over this period, interest rates were often quite low.
29:20You probably wouldn't have got more than that if you were saving.
29:23And the Financial Ombudsman Service has also set that rate.
29:26So, it's sensible for us to be aligned.
29:27Well, I agree with the Ritz Commission saying its rate was too low as well.
29:29So, you're going to respond to our consultation, Martin.
29:32And all of this is subject to consultation, including the remedy.
29:34And absolutely, we'll look at all of the evidence.
29:36But overall, we think this is fair.
29:38And the costs are going to court, not just legal fees,
29:41but time and uncertainty are quite high.
29:43So, we think consumers will do pretty well with our scheme.
29:46But potentially, someone with a typical payout,
29:48because of this interest, could be getting £300 less.
29:52Again, they might have to pay 30% to give to a claims firm.
29:56But I think you are, by doing this, opening the door to claims firms
30:01telling people to go the court route.
30:03And I think there's a fairness to the industry,
30:05but especially to the consumer, that you have a higher interest rate.
30:08That isn't a decent interest rate.
30:09You could have got more in savings and it would have cost you a lot more in debt.
30:12If a bank, if I owed a bank, it wouldn't be saying you get 2%,
30:15it would charge me a proper commercial rate.
30:17Surely, they've missold to us, it should be higher for us too.
30:21I don't think you'd necessarily get more going to court.
30:23If you go to court, you'd have to pay 30% in legal fees, potentially,
30:26and it will take longer.
30:27So, overall, we think that most consumers are going to do reasonably well
30:31from the scheme, we'll make sure it's fair.
30:33But look, like I said, it's a consultation, we'll hear all the views.
30:36Can the public reply to your consultation?
30:37We've had hundreds already.
30:38You might have thousands more after this.
30:41Jeanette.
30:42OK, we've got this coming from Karen.
30:46I've had car finance and they told me I'm not entitled to any compensation.
30:50Is that the end of it or do I do anything else?
30:52Well, I think that's a really interesting question.
30:56Because what's probably happened there is you've written a DIY complaint,
31:03it was probably about a DCA and they said you haven't got a DCA,
31:06so therefore, you weren't missold.
31:09But now, they have to go back and they have to say to you,
31:13they have to look at every case, all the three different ways that you were missold,
31:17and simply say, were they missold?
31:20Now, my problem with that is, I think we did this earlier.
31:23Did I talk about this earlier?
31:24We did.
31:25Yeah, I've already taught this one.
31:26I was getting confused.
31:27You got confused.
31:28Carry on.
31:29Basically, put a complaint in.
31:30Right.
31:31Karen's asking, how are you being informed about possible compensation
31:33if you don't apply?
31:34Who should be the correspondence be from?
31:36So we know it's legitimate.
31:37I feel older people are less confident in this situation.
31:40Quite right.
31:41And I think she's probably talking about less confident in live TV
31:43and I'm an older person.
31:44OK.
31:45Right.
31:46This is the most important thing I want to say to you.
31:48Here's a problem.
31:51You're going to be communicated to by some people saying you're entitled
31:53for money, how do you want to be paid, you give your financial details,
31:56by other people saying, give us your details and we're going to pay you out.
31:59How are we going to protect...
32:01I know it's not happened yet and we've got time and it's in the consultation.
32:04How are you going to protect people from scams?
32:06How will people know it's legitimate and they can trust giving their information over?
32:11We've already warned about scams and I'm concerned, like you are,
32:14to make sure people are not ripped off by scammers.
32:18So the scheme is not yet up and running.
32:20If anyone contacts you right now, you should be really cautious.
32:23If you get a text message and you're worried about it,
32:26you can forward it to 7726, which spells spam,
32:29and the information commissioner will look at it.
32:31And we're going to make sure, with the lenders,
32:33that there are protections against fraud in the scheme.
32:35Well, I have lots of suggestions for you.
32:37The first of all, I'd make sure you opt in and opt out.
32:39Letters are different coloured envelopes, like we used to do when you renew tax credits,
32:42so that we can explain that with clarity.
32:44The most important suggestion I have for you,
32:46and I've got you here, so I may as well do it.
32:48Currently, you may not know this at home,
32:50if you dial 159 diagonal across your keyboard from top left to bottom right,
32:54there you go, you're just doing it there.
32:56So, in most cases, you then will be put through to your bank.
33:00So, if ever you're worried it isn't your bank calling you,
33:02you can call 159 and you will get through to your bank.
33:05In other words, they'll say which bank are you going through
33:07and they'll put you through to your bank.
33:09I would ask you to set up a simple number like that,
33:12three digits, that people can get through on their car finance,
33:15so that if they're not sure that the information on their letter,
33:18if I put this in is a scammer, there's just an easy-to-remember way
33:21that you can contact every single car finance company
33:24that will filter you through and then you can get it.
33:26I'd love you. I'll be in my consultation response,
33:28but I'd love you to have a think about that.
33:29Look, they're really good ideas, Martin. We'll take a good look.
33:31OK, thank you very much. Where are we going now?
33:33Right, you're going actually back to Nikhil.
33:35Lots of viewers have been sending in questions.
33:36I know you want to put some to him directly.
33:38I do indeed. I've got lots of questions here.
33:41Let's start with Jenny, who says,
33:43and this is sort of representative of lots,
33:45when do we get our money? LOL, she says.
33:47But ultimately, this is a lot of people saying,
33:49we thought they were going to get this a year ago.
33:51It's taken a long time.
33:53Are they actually certainly going to get it soon?
33:56We know people have been waiting a long time.
33:57The Supreme Court ruled in August
33:59we've been moving really quickly since then.
34:01We want to get this scheme up and running early next year.
34:04So, if you have already complained,
34:06within nine months you should get your money.
34:09Now, this show is all about the practicals,
34:12but I just wanted to put one question in here
34:14that is a direct criticism of the regulator.
34:16Lisa, why was the FCA so slow at acting on credible evidence
34:22provided to them in 2016 and 2019 of the abuses of car finance providers?
34:28Well, we know that you knew about it because you banned DCAs in 2021,
34:31but why has this taken so long when they have been misusing the system since 2007?
34:36Look, clearly lenders should not have been breaking the law.
34:39Now, the FCA took over consumer credit regulation in 2014.
34:43It started looking at other things like payday lending
34:46and rent to own first as a priority,
34:48turned to motor finance a couple of years later,
34:50did a study that led to the ban.
34:52The ban came into force shortly after the pandemic.
34:55We told firms to put things right,
34:57gave them a chance to put things right.
34:58In fact, what they did is they rejected 99% of the complaints
35:02and a number of them wanted to take this to court
35:04and fight it out in court.
35:05Different courts disagreed.
35:07Finally, the Supreme Court ruled in August this year.
35:10Within 48 hours of that, we've moved
35:12and we now want to get this put right.
35:15You started... You're talking... That was a corporate we.
35:17Now, let's talk you personally.
35:18You started in 2020 at the FCA, I believe?
35:20That's right.
35:21And three months after that, we banned discretionary commissions.
35:24Do you feel your predecessors were hard enough before
35:26and got it right on car finance before?
35:29So, I think that the FCA was doing a lot
35:31on consumer credit before.
35:33With hindsight, of course,
35:34we'd like to have made sure this didn't happen,
35:36but the courts were unclear
35:38and that's why we needed the Supreme Court to rule.
35:40And that's what's happened.
35:41What I would say going forward, in 2023,
35:43we've put in place what we call a consumer duty.
35:45You've supported it, Martin.
35:46So, we're confident that the standards are better now
35:49and that this market is safe for all of your viewers to use.
35:52OK, I'm going to go back to the practicals.
35:53I thought it was important to do that.
35:55Jeanette, I have had three car loans and have complained.
35:58Today, I received notification
36:00that the company has destroyed all records
36:02beyond the last six years.
36:04So, I will not get any payout
36:05because they can't check my details I've provided.
36:08What can I do?
36:09This is one of the big issues.
36:10They don't have the data anymore.
36:12So, we're working with all of the lenders to make sure they really test
36:16whether they've got the records or not.
36:18They can sometimes supplement their records with files from credit reference agencies.
36:22But I would also say that you should look at your own bank statements,
36:25your own records, your own credit file,
36:27and if you can find evidence you've had an agreement,
36:29then take that evidence and contact your lender.
36:31I think I wrote a blog.
36:32I think it was probably about 2012.
36:34It was on PPI.
36:35And they often recommend to throw your bank statements away every five or six years.
36:39And I wrote then, I would always keep some digital record,
36:42not necessarily of every statement, but every agreement you ever do
36:44because we don't know what the next mis-selling case will be.
36:47So, look, let's be honest to people listening, watching.
36:51If you got a deal in 2008, and you have no details,
36:56and that deal's a long time gone,
36:58it's going to be very tough for you to get any money back
37:00because there won't be any records.
37:01But if you can find it on a bank statement that you had it,
37:04just proof that you had it, or an agreement,
37:06or you won't be on your credit reference files,
37:08or any form of payment,
37:10then how would you know if someone had been mis-selled
37:13if the only details was just the fact that they had car finance back then?
37:17Look, the reality is, the further back you go,
37:19the more likely it is that the disclosure practices were poor
37:22because they improved over time, but going back they were worse.
37:26And so, we are going to look at template agreements,
37:29we're going to look at the types of practices that lenders had in place at the time,
37:33and unless they can prove to us that they were disclosing properly,
37:37if you've got evidence you've had an agreement,
37:39it's likely that that will be included in the scheme.
37:41And I know you had a fight, actually, to go back as far as 2007, didn't you,
37:44because that was objected to?
37:45Yeah, we think that's what the law states, it's pretty clear,
37:47and the important thing now is to get on and deal with this.
37:50Now, this is something that worries many people,
37:51so I thought it was... I know the answer, but I want to hear it from you.
37:54I had car finance and several cars with the same finance company.
37:57Current car is financed by then again.
37:59Could putting in a claim jeopardise the current agreement?
38:02Absolutely not, and if you have any sense of that,
38:04you should complain to the lender,
38:05you can complain then on to the Financial Ombudsman Service,
38:07and if anything like that happens, we'll clamp down on it hard.
38:10I've got a couple more to get to you, but we need to go to a break now.
38:12Jeanette, over to you.
38:13Thank you very much, Martin and Nikhil.
38:15Now, after the break, getting money back on your energy,
38:17a free £100 Amazon voucher, cheap solicitor-drafted wheels
38:21and money off Disney toys.
38:23We'll see you in four.
38:24CHEERING AND APPLAUSE
38:37Welcome back, we're in the last part.
38:38Jeanette, what's up?
38:39Lots going on.
38:40Look at this coming in from Christian on the socials.
38:43Hi, Martin, I've cancelled my contract,
38:45and for four members of my family's contracts of O2.
38:48I have detected there's been real frustration and annoyance
38:51with what O2 did.
38:52To say this is what your price is going to be,
38:54but we're going to put prices up,
38:55and then to put a price up by more.
38:57I mean, it's not just me who feels that this is something
38:59that's really annoying, and I've had...
39:01It's amazing how many people are doing just that.
39:03Yeah, we've been trending on Twitter tonight as well,
39:05and I know you're wanting to sneak in a few more questions
39:07with Nikhil as well.
39:08I do, thank you very much.
39:09Please do go ahead.
39:10A few more, let me get these over here.
39:13Jill, is it true that if your finance agreement was 0% interest
39:16that you don't qualify?
39:17Yes, it is.
39:18Could the commission fee have been added to the car price
39:20without being disclosed to me?
39:22Well, it possibly could.
39:23So what would you do in those circumstances?
39:25We're talking about the finance agreements,
39:27and so we're wanting to compensate for people who've lost out.
39:30If you've got a 0% APR, it's unlikely you've lost out.
39:33We don't have evidence that that was put on the price of a car.
39:35OK.
39:36No, and I don't know whether it was or it wasn't,
39:38and I suppose ultimately you regulate finance,
39:40you don't regulate car sales prices.
39:41Yeah, that's right.
39:42OK.
39:43Rhi, I put in complaints with two far car finance companies
39:47last year.
39:48Both acknowledged the complaint
39:49and were waiting for the outcome of this case.
39:51Should I have also submitted a complaint to the FCA?
39:53I'm being nice to you here,
39:54because I know exactly what the answer is,
39:55and I thought you might want to make that message.
39:57Yeah, you don't need to complain to the FCA.
39:59We don't deal with individual complaints.
40:00You've done the right thing complaining to your lender.
40:02They will need to deal with your complaint
40:03when the scheme is up and running.
40:05If you're not happy,
40:06you'll be able to go to the Financial Ombudsman Service,
40:07which is independent.
40:08The Financial Ombudsman is the arbiter of individual cases.
40:12The FCA regulates what the industry does,
40:14but doesn't handle individual cases.
40:16You don't complain about your individual situation ever to the FCA,
40:19because it won't do anything.
40:20You complain to the firm and then to the Ombudsman.
40:22That's why they put that in.
40:23A final question for you.
40:24And I think this is quite important,
40:26probably for individuals and for the industry as well.
40:28If you were buying a car now and you wanted car finance,
40:33would you feel confident and capable that that car finance was now not being missold to you?
40:40Yes, I would.
40:41I think the practice has changed since the end of last year.
40:44We've got the consumer duty in place.
40:45We're not seeing anything to suggest that there's a problem today.
40:49What we want to do now is deal with this historic issue.
40:52Now, the consultation is due to close on the 18th of November.
40:55Some lenders might need a few more weeks and we'll say some more about that tomorrow.
40:58But come what may, we want to get this up and running in early 2026, like you said,
41:03so that people start getting their money next year.
41:04My ears just pricked up.
41:05You'll say something tomorrow.
41:06You're going to give lenders a little bit longer?
41:07A little bit longer.
41:08Not just lenders.
41:09Some consumer groups have asked us for a bit more time as well.
41:10Will that delay the time things start?
41:12The time that I said to you earlier, February or March next year,
41:14is when we want to get this up and running and that's what's going to happen.
41:16And we want to make sure that those who've complained get their money into next year.
41:21My view has always been, I don't care if you delay the consultation period
41:24as long as it doesn't delay the start point of people being paid out,
41:28which is what most people care about.
41:30Yeah.
41:31We always appreciate you coming on.
41:33It's very important to get the answers from the top of the regulator.
41:35I think it gives people confidence they know what's going on.
41:38Nikhil Rathi, the chief of the FCA.
41:41I want to see the poll results, Jeanette.
41:43Can we see the polls?
41:44Look at the poll results.
41:45OK, so look at the poll.
41:47Is that for you?
41:48Look at that there.
41:49OK.
41:50This is your question.
41:51Right.
41:52The reason I want to do this, I thought it would be a good way to sum up the situation.
41:53If you didn't have it, you didn't have it.
41:54Right?
41:55Simple as that.
41:56If you had it and not complained, as I talked about before,
41:58I would urge you to complain.
42:00It makes the process faster and it's simpler and you go in the opt out,
42:04so it will just happen without you having to do very much more.
42:07If you complain via the claim firm, we already talked about that.
42:10Watch that back on ITVX because I don't want to re-litigate it
42:12because we need to be careful what we say.
42:14If you've done a DIY free complaint, if they got back to you and said
42:17you had a discretionary commission arrangement, you're good, you're done, just wait.
42:21If they got back and said you don't have a complaint, you don't need to,
42:25but I would be putting another complaint in so you're in that opt-out group,
42:28not the opt-in group, and you want to be in the opt-out, not the opt-in.
42:31This is like the hokey-cokey of finance.
42:34LAUGHTER
42:35Erm, did you know, Martin?
42:37Yes.
42:38We've been nominated for a TV Choice Award.
42:41CHEERING AND APPLAUSE
42:43Just saying.
42:46Just saying.
42:47Erm, all the details on your screen right now,
42:50you can find out what you need to do over there,
42:52but isn't that nice, though?
42:53Yeah, yeah, we'll lie. I will like the odd vote or two.
42:55LAUGHTER
42:56If you feel like you want to vote, you vote.
42:58No, no.
42:59It's fine, no bribery, nothing like that.
43:01Just think how much money I've saved you!
43:03CHEERING AND APPLAUSE
43:05I'll save that one for the anti-hades.
43:08LAUGHTER
43:09Let's get some news you can use. OK.
43:13Right, time for a quickie.
43:16I've got four for you.
43:17First of all, have you moved house or switched energy firm
43:19in the last five years?
43:21If so, you may be due a share of 240 million quid,
43:23because those are new figures from Ofgem, the regulator there,
43:25lots of regulators today,
43:27that show almost two million closed energy accounts
43:29are holding money.
43:31So what happens when you leave, when you switch,
43:3390% of the time your money is just credited to you,
43:35it's not an issue.
43:36But there are problems if your details have changed,
43:40say you moved house or you stopped your direct debit
43:44before it gave you the credit back.
43:46And that's why there can be money sitting there.
43:48So what do you do?
43:49Well, if you've still got access to your old account,
43:50just log in, check the balance,
43:52and if it owes you money, just ask it for a refund.
43:55Can't remember the details or weren't online?
43:57Do it by phone and just check and ask.
43:59If you can't remember your old supplier,
44:01then check your emails, check your texts,
44:03check your password manager,
44:04and in some but not all cases,
44:05it might be on your credit file as well.
44:08Next one, it's Will-Aid time.
44:10November is a charity scheme every November
44:12called Will-Aid for cheap solicitor-drafted wills.
44:14They suggest a £120 donation,
44:16£200 for couples' mirror wills.
44:18It's across the UK.
44:19The donation goes to the charities.
44:21It's for any over-18s.
44:23It's a really efficient way to get a gold standard will
44:25for less than you normally pay
44:26and helping out a charity.
44:27So go look that one up.
44:28They tend to get booked up quite quickly.
44:29Someone over there was thinking about doing that.
44:31Were you? Was that right? Yes.
44:32Someone was noting down.
44:33I could see in the mind.
44:34Ends Wednesday, 2pm.
44:36Santander, £100 free Amazon voucher.
44:38Now, normally I talk about bank switching deals.
44:41This is not a bank switching deal.
44:43This is a bank opening deal.
44:45So it's not available direct, only via comparison sites,
44:48new and existing customers.
44:49To qualify, you have to spend 30 times on your debit card
44:52within 60 days.
44:53Easy way to do that.
44:54Go to a self-service checkout at the supermarket if you're short.
44:56If you're buying ten items,
44:57do each one as a separate transaction
44:59and you'll qualify no problem.
45:01You'll get the voucher in 2026.
45:02If you're just looking for the ad voucher,
45:04it's bog standard account is the everyday account.
45:06I'd go for that one.
45:07If you actually want to use it,
45:08the edge account is pretty good.
45:09You have to pay it £3 a month,
45:11but you get cash back on your bills from it.
45:13Though, in that case, you may want to switch
45:15unless you're just sending up a joint account for bills.
45:17In which case,
45:18I reckon it might have a better switching offer.
45:20Actual switching, not just opening offer
45:22in the next couple of weeks.
45:23So you might want to wait.
45:24And ending tomorrow night,
45:25Wednesday is tomorrow,
45:26if you're watching this,
45:27unless you're on catch up.
45:28Disney toys costumes,
45:2925% using the code TOYTUSDAY.
45:31Yes, it's a Mickey Mouse deal.
45:32Online code for 500 plus items,
45:34including some Marvel,
45:35Pixar and Star Wars.
45:36Whew.
45:37Well done.
45:38CHEERING AND APPLAUSE
45:40We're back next week.
45:43What's coming up next week?
45:44So, Experian has just announced
45:47it is changing the range of its credit scoring system,
45:50which means it'll be a bigger range.
45:52Millions of people will see their credit score change.
45:54Many lower, many higher.
45:56I'll be talking through that,
45:57but also using it as a peg
45:58to talk you through
45:59how credit scoring works,
46:00how to boost your credit file,
46:02why it's important,
46:03what you can do about it,
46:04how you can get better products
46:05and lots more.
46:06If you've got questions on that,
46:07hashtag Martin Loose.
46:08Thanks to everyone here,
46:09thanks to Jeannette,
46:10thanks to Nikhil.
46:11Bye-bye!
46:12CHEERING AND APPLAUSE
46:14Well, Nik discovers some new information
46:18that could change everything
46:19in the concluding part of the hack tomorrow night.
46:22Make sure you're with us for that
46:23at nine o'clock.
46:24But coming up on ITV1,
46:26a senseless act of violence
46:27that destroyed a family.
46:29TikTok Murder Gone Viral is next.
46:31APPLAUSE
Recommended
46:40
|
Up next
27:36
28:30
28:30
28:30
27:36
28:30
44:14
44:14
44:14
41:12
33:52
39:53
46:30
46:38
38:01
46:41
46:41
46:37
46:37
46:37
46:37
46:14
Be the first to comment